Indonesian tech company Tokopedia raises $1.1 billion

Indonesian technology company Tokopedia has raised $1.1 billion in a financing round. The investment was led by the SoftBank Vision Fund and Alibaba Group, with participation by Softbank Ventures Korea and other existing investors, the company said in a statement.

Tokopedia says it will continue to focus on the Indonesian market, and expects to use the funds to build technology and infrastructure.

William Tanuwijaya, CEO and co-founder of Tokopedia, said: “In our first nine years, Tokopedia focused on building Indonesia’s largest marketplace for physical and digital goods. Leading into our tenth year, Tokopedia is evolving our ecosystem to infrastructure-as-a-service where our logistics, fulfillment, payments and financial services technologies will empower commerce, both online and offline.”

Tokopedia serves 93 per cent of districts in Indonesia across 17,000 islands. In the past year, the company says it has quadrupled its gross merchandise value, and now provides same-day delivery to 25 per cent of its customers.